Företagsförvärv och aktiemarknadens reaktion

: En kvantitativ studie om hur företagets val av förvärvsmetod och betalsätt påverkar aktiekursen

Abstract

The purpose of this study is to investigate how the stock prices are affected by
corporate acquisitions, based on the choice of acquisition method and payment
method. This quantitative study examines companies listed on the Stockholm Stock
Exchange Large Cap during the period 2014-2025. Previous research has shown
that different acquisition methods, such as disclosed dollar value deal, undisclosed
dollar value deal and stake purchases deal, can signal different levels of risk to the
market. Likewise, the choice of payment method, such as cash, shares or a
combination of both, can signal either financial strength or weakness. This study
collects M&A data from Refinitiv Workspace and stock price data from Infront.
Stock price changes are analyzed through a t-test comparing the day before the
acquisition announcement (T-1) with the day after (T1). The results shows that
although the average values vary from negative to positive in share price reactions depending on the acquisition method and payment method, no statistically
significant differences can be found. This implies that, for acquisitions in Sweden
during the examined period, market reactions are not only driven by which
acquisition method or payment method is used. The study contributes to a deeper
understanding of investors perceive different acquisition strategies and highlights
the need for further research that includes, for example, long-term performance.

Date of Award	2025-Jun
Original language	Swedish
Supervisor	Martin Abrahamson (Supervisor), Emil Numminen (Assessor) & Heléne Tjärnemo (Examiner)